Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe net income of any of the following entities (or parts of entities) that keeps its accounts solely or predominantly in a particular foreign currency can be worked out in that currency, with the net amount being translated into Australian currency:
(a) an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ;
(b) a permanent establishment;
(c) an offshore banking unit;
(d) a controlled foreign company (CFC);
(e) a transferor trust.
Table of sections
Operative provisions
960 - 59 Object of this Subdivision
960 - 60 You may choose a functional currency
960 - 61 Functional currency for calculating capital gains and losses on indirect Australian real property interests
960 - 65 Backdated startup choice
960 - 70 What is the applicable functional currency ?
960 - 75 What is a transferor trust ?
960 - 85 Special rule about translation--events that happened before the current choice took effect
960 - 90 Withdrawal of choice